Bank of Montreal cuts CEO Downe's pay to C$9.2 million

TORONTO, March 15 Fri Mar 15, 2013 1:03pm EDT

TORONTO, March 15 (Reuters) - Bank of Montreal cut the pay of Chief Executive Bill Downe by 7 percent in 2012 due to the bank's failure to meet certain performance goals, the bank said in a filing on Friday.

Downe, who became CEO in 2007, was paid total compensation of C$9.2 million ($9.03 million) for the year, down from C$9.9 million in 2011.

His pay included C$1.25 million in salary, a cash bonus of C$1 million, restricted share units of C$3.55 million, stock options worth C$2.1 million and differed stock units worth C$1.3 million.

BMO earned C$4.2 billion in 2012, up 35 percent from 2011.

"The bank, however, fell short against the performance measures established for the incentive pools," BMO said in the filing.

BMO is Canada's No. 4 bank by assets and runs Harris Bank in the U.S. Midwest.

The pay of Toronto-Dominion Bank CEO Ed Clark for 2012 was also reduced. It was cut by 4.4 percent to C$10.9 million, TD said last month, after the bank, Canada's second biggest, took charges related to litigation reserves.

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